China uses artificial intelligence to create a national cryptocurrency

The world's largest artificial intelligence (AI) company, SenseTime, with capitalizationmore than $ 7.5 billion, signed an agreement oncooperation with the Chinese institute responsible for the development of digital currency, and a unit of the country's central bank that oversees the development of the digital renminbi.

According to the Hong Kong-based company SenseTime, the agreement aims to accelerate innovation and the introduction of artificial intelligence technologies in the financial industry of China.

"Through joint efforts, a research and innovation body will be established, guidance and application of artificial intelligence technology in financial instruments will be developed, which will accelerate thePromoting Innovative Research on Artificial Intelligence in the Financial Sector", - reported in SenseTime.

The details of the agreement are unknown, but it is believed that the focus will be on strengthening “risk control and operational capabilities” in China's financial institutions.

Founded in 2014, SenseTime specializes in face and image recognition systems. Among the company's customers are Xiaomi, Huawei, Alibaba and Weibo.

In addition, the investor SenseTime is a giantAlibaba e-commerce business, which invested $ 600 million in the company in 2018. Other SenseTime investors are state-owned investment company Temasek Holdings, Qualcomm Ventures and SoftBank Vision Fund.

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